republic-os/legislation/us/states/sc/2017-2018/h-4656.md

---
type: "Bill"
title: "AN ACT TO AMEND SECTION 38-9-200, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REINSURANCE CREDITS, SO AS TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO ADOPT ADDITIONAL REQUIREMENTS FOR REINSURANCE CREDITS, TO REQUIRE A REINSURER TO DEMONSTRATE IT HAS ADEQUATE FINANCIAL CAPACITY TO MEET ITS REINSURANCE OBLIGATIONS TO QUALIFY FOR A CREDIT, TO ALLOW FOR THE REDUCTION OF A TRUSTEED SURPLUS FOR AN ASSUMING INSURER WHO HAS PERMANENTLY DISCONTINUED UNDERWRITING NEW BUSINESS, TO ALLOW FOR CREDIT WHEN REINSURANCE IS CEDED AND ENUMERATE CERTAIN ELIGIBILITY REQUIREMENTS, TO ALLOW FOR AN ASSUMING INSURER WHO IS NOT LICENSED, CERTIFIED, OR ACCREDITED IN THIS STATE TO BECOME ELIGIBLE FOR A CREDIT UNDER CERTAIN CIRCUMSTANCES, TO ALLOW THE DIRECTOR TO SUSPEND OR REVOKE THE ACCREDITATION OR CERTIFICATION, TO REQUIRE AN INSURER TO MANAGE ITS REINSURANCE RECOVERABLES PROPORTIONATE TO ITS BOOK OF BUSINESS, AND TO AUTHORIZE THE DIRECTOR TO ADOPT RULES AND REGULATIONS; AND TO AMEND SECTION 38-9-210, RELATING TO LIABILITY REDUCTIONS FOR REINSURANCE, SO AS TO AUTHORIZE THE DIRECTOR TO ADOPT ADDITIONAL REQUIREMENTS FOR AN ASSET OR REDUCTION FROM LIABILITY FOR REINSURANCE CEDED BY A DOMESTIC INSURER AND TO EXPAND THE ACCEPTABLE FORM OF SECURITY FOR A LIABILITY REDUCTION. - ratified title"
description: "AN ACT TO AMEND SECTION 38-9-200, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REINSURANCE CREDITS, SO AS TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO ADOPT ADDITIONAL REQUIREMENTS FOR REINSURANCE CREDITS, TO REQUIRE A REINSURER TO DEMONSTRATE IT HAS ADEQUATE FINANCIAL CAPACITY TO MEET ITS REINSURANCE OBLIGATIONS TO QUALIFY FOR A CREDIT, TO ALLOW FOR THE REDUCTION OF A TRUSTEED SURPLUS FOR AN ASSUMING INSURER WHO HAS PERMANENTLY DISCONTINUED UNDERWRITING NEW BUSINESS, TO ALLOW FOR CREDIT WHEN REINSURANCE IS CEDED AND ENUMERATE CERTAIN ELIGIBILITY REQUIREMENTS, TO ALLOW FOR AN ASSUMING INSURER WHO IS NOT LICENSED, CERTIFIED, OR ACCREDITED IN THIS STATE TO BECOME ELIGIBLE FOR A CREDIT UNDER CERTAIN CIRCUMSTANCES, TO ALLOW THE DIRECTOR TO SUSPEND OR REVOKE THE ACCREDITATION OR CERTIFICATION, TO REQUIRE AN INSURER TO MANAGE ITS REINSURANCE RECOVERABLES PROPORTIONATE TO ITS BOOK OF BUSINESS, AND TO AUTHORIZE THE DIRECTOR TO ADOPT RULES AND REGULATIONS; AND TO AMEND SECTION 38-9-210, RELATING TO LIABILITY REDUCTIONS FOR REINSURANCE, SO AS TO AUTHORIZE THE DIRECTOR TO ADOPT ADDITIONAL REQUIREMENTS FOR AN ASSET OR REDUCTION FROM LIABILITY FOR REINSURANCE CEDED BY A DOMESTIC INSURER AND TO EXPAND THE ACCEPTABLE FORM OF SECURITY FOR A LIABILITY REDUCTION. - ratified title"
jurisdiction: "us/states/sc"
legislature: "South Carolina General Assembly"
session: "2017-2018"
identifier: "H 4656"
citation: "South Carolina H 4656 (2017-2018)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["Sandifer", "Spires"]
version_count: 5
action_count: 17
vote_count: 2
first_action: "2018-01-23"
last_action: "2018-05-14"
source: "openstates"
source_identifier: "ocd-bill/1a4210c8-5a8f-4811-b2a1-e2376db22ca3"
source_url: "http://www.scstatehouse.gov/billsearch.php?billnumbers=4656&session=122&summary=B"
source_hash: "d5cfb9d45625d4e484c0bc78a394deb536df23df67feee49f2f0008c08ed9dd5"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-sc"]
---

# South Carolina H 4656 (2017-2018) — AN ACT TO AMEND SECTION 38-9-200, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REINSURANCE CREDITS, SO AS TO AUTHORIZE THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO ADOPT ADDITIONAL REQUIREMENTS FOR REINSURANCE CREDITS, TO REQUIRE A REINSURER TO DEMONSTRATE IT HAS ADEQUATE FINANCIAL CAPACITY TO MEET ITS REINSURANCE OBLIGATIONS TO QUALIFY FOR A CREDIT, TO ALLOW FOR THE REDUCTION OF A TRUSTEED SURPLUS FOR AN ASSUMING INSURER WHO HAS PERMANENTLY DISCONTINUED UNDERWRITING NEW BUSINESS, TO ALLOW FOR CREDIT WHEN REINSURANCE IS CEDED AND ENUMERATE CERTAIN ELIGIBILITY REQUIREMENTS, TO ALLOW FOR AN ASSUMING INSURER WHO IS NOT LICENSED, CERTIFIED, OR ACCREDITED IN THIS STATE TO BECOME ELIGIBLE FOR A CREDIT UNDER CERTAIN CIRCUMSTANCES, TO ALLOW THE DIRECTOR TO SUSPEND OR REVOKE THE ACCREDITATION OR CERTIFICATION, TO REQUIRE AN INSURER TO MANAGE ITS REINSURANCE RECOVERABLES PROPORTIONATE TO ITS BOOK OF BUSINESS, AND TO AUTHORIZE THE DIRECTOR TO ADOPT RULES AND REGULATIONS; AND TO AMEND SECTION 38-9-210, RELATING TO LIABILITY REDUCTIONS FOR REINSURANCE, SO AS TO AUTHORIZE THE DIRECTOR TO ADOPT ADDITIONAL REQUIREMENTS FOR AN ASSET OR REDUCTION FROM LIABILITY FOR REINSURANCE CEDED BY A DOMESTIC INSURER AND TO EXPAND THE ACCEPTABLE FORM OF SECURITY FOR A LIABILITY REDUCTION. - ratified title

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **1/23/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4656_20180123.htm)
2. **2/1/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4656_20180201.htm)
3. **2/2/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4656_20180202.htm)
4. **2/20/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4656_20180220.htm)
5. **2/21/2018** (committee substitute) — [source](http://www.scstatehouse.gov/sess122_2017-2018/prever/4656_20180221.htm)

## Votes

- Passage of Bill — **103–0** (pass) · lower
- 3rd Reading — **43–0** (pass) · upper

## Sponsors

- Sandifer — primary (person)
- Spires — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2018-01-23** Introduced and read first time `introduction, reading-1`
- **2018-01-23** Referred to Committee on Labor, Commerce and Industry `referral-committee`
- **2018-02-01** Committee report: Favorable Labor, Commerce and Industry `committee-passage-favorable`
- **2018-02-07** Read second time `reading-2`
- **2018-02-07** Roll call Yeas-103 Nays-0
- **2018-02-08** Read third time and sent to Senate `passage, reading-3`
- **2018-02-08** Introduced and read first time `introduction, reading-1`
- **2018-02-08** Referred to Committee on Banking and Insurance `referral-committee`
- **2018-02-20** Committee report: Favorable Banking and Insurance `committee-passage-favorable`
- **2018-02-21** Scrivener's error corrected
- **2018-03-29** Read second time `reading-2`
- **2018-03-29** Roll call Ayes-43 Nays-0
- **2018-04-18** Read third time and enrolled `passage, reading-3`
- **2018-05-01** Ratified R 185
- **2018-05-03** Signed By Governor `executive-signature`
- **2018-05-11** Effective date 05/03/18
- **2018-05-14** Act No. 172

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/1a4210c8-5a8f-4811-b2a1-e2376db22ca3`. Confidence: reported (aggregated from official South Carolina legislature records).